ConocoPhillips reports about $540M in AK earnings

JUNEAU — ConocoPhillips reported $543 million in net earnings in Alaska during the first quarter of the year.

That compares to $620 million during the first quarter of 2012.

An executive with ConocoPhillips Alaska, in a news release, said the quarter continued a general trend in which the company pays more than twice in taxes and royalties to the state and federal governments than it keeps. The company estimated its obligation to the state alone at $900 million.

Sen. Bill Wielechowski says Alaska remains incredibly profitable for the company despite complaints about the state’s tax structure. The Legislature recently approved cutting taxes as a way to increase investment and production. Wielechowski was among those who opposed the bill, which has not yet taken effect.